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Ted Ashburn, chief executive of Oncorus.
Ted Ashburn, chief executive of Oncorus. Oncorus

Cambridge biotech Oncorus Inc. said Wednesday that it raised $79.5 million from new and existing investors to develop a new cancer treatment.

Oncorus said this second round of funding for the startup was led by New-York based investment firms Cowen Healthcare Investments and Perceptive Advisors, along with investors from the previous round of financing including Cambridge-based MPM Capital.

The company plans to use the funds to bring a drug that targets solid tumors found in different types of cancers — including breast, skin, and liver cancers — to clinical trial in early 2020.

“Oncolytic virus therapies have the potential to transform outcomes for cancer patients,” said Ted Ashburn, chief executive of Oncorus.

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Allison Hagan can be reached at allison.hagan@globe.com. Follow her on Twitter @allisonhxgan.